Housing

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Housing Applications

General Requirements

Most housing funded must serve households earning less than 100% of median income as defined by HUD income guidelines.The majority of the homes funded by VHCB serve households with incomes between 30% and 80% of median income. The Housing Revenue Bond can fund housing serving households with incomes from 80-120% of median income. The affordability of the housing is secured with legal instruments (housing subsidy covenants) filed in the land records that remain with the property upon resale to ensure permanent affordability.

Eligibility for Funding Programs

VHCB funds: Non-profit housing development organizations, municipalities, and state agencies are eligible to apply for VHCB funds.

HOME Program: Both private and non-profit developers are eligible to apply for federal HOME Program funding for rental housing developments.

Housing for All Bond Revenue: Non-profit housing developers and private developers working in partnership with non-profit housing developers are eligible to apply for Housing for All bond funds.

National Housing Trust Funds: Nonprofit housing development organizations, public housing agencies, for-profit developers of affordable housing, and municipalities are eligible to apply for National Housing Trust Funds.

Site visits by VHCB staff are required prior to submission of the application. Housing applications are considered 3-4 times a year, depending on the availability of funds. Please call VHCB staff to discuss your project before completing the application.